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of loss like what we saw with the london whale. $6 billion is a lot. even at the beginning of it, when it first came to light, the -- jamie in this case characterize it had as a $2 billion loss and originally called it a teachest in a teapot. obviously there are -- there are different objectives that management and investors have. the board represents investors. those interests are not always aligned with management which is why, again, it should not be the same person overseeing the board that oversees the chief executive. >> i'm curious. do you feel that separating that position would have prevented a london whale? >> we think it would be clear alliance of accountability. it would have better aligned the investors' interests against the management interests, and quite possibly could have prevented the kind of situation or circumstances that led to that kind of role. >> did i hear you say that maybe in some cases when something like that happens the chief executive being held accountable should be let go? are you saying jamie dimon should have been fired for london whale? >> i didn't
with london whale and jpmorgan chase, a completely inappropriate use of insured deposits but there are regulatory authorities to deal with that. congress wouldn't necessarily have to act, but it's something that both the fdic and the feds should be very focused on. >> well, i mean, do you think we will see sort of a structural change in the banking system? >> i -- i don't know. i think that's -- that's still a work in progress. my guess is there will be a lot of debate and activity in congress on size limits or breakups and nothing will happen. i'm hoping we will find market-driven solutions that regulators can facilitate by getting better information out to the market but i don't think that yet. >> in terms of the overall environment right now, where are we in terms of trust and sentiment? we've got the libor scandal. we continue to see sort of upsets in the banking world. >> right. >> do you think that a lot has changed, or not? >> it is -- it is had, and i don't think a lot has changed. it's gotten marginally better, but the reforms have been pretty incremental, and mo
months. colin ellis is the author of report and joins us now from london. with us is harry dent of h s. dent management who sees conditions very differently. good to have you on the program and want to kick this off with you. tell me what caused the downside risk for the global economy to diminish, and what exactly are you seeing? >> well, i think, really, what we're trying to say is conditions have changed over the last three months. very important that underpinning our global universe of ratings, we have a single consistent macro view, and that's why four times a year we set out that view to investors in the macro update which has been published today. and if you go back three months ago, we had a number of potentially stumbling blocks to the path of the global recovery. we were worried about the potential for something to go wrong with the fiscal cliff negotiations in the u.s. we were concerned about the potential for a hard landing in major emerging markets which have been doing a lot of leg work and driving global growth recently, and we were also concerned about the crisis in the
. >> we're banking on our opportunities and we had the ability to acquire an old-line london investment bank and thought it was a very good trade for us. they have a substantial banking presence with excellent people and thought it was the right trade for us. we continue to look for other banking opportunities on a global basis as well. >> terry, you know, we've been talking about how the fed is going to keep money essie and equities are the best hedge in town. what keeps you worried about the scenarios that we've been discuss i discussing. >> technology the way it's implemented along with the marketplace. as someone who runs an exchange. all -- >> that's the biggest concern that i have day in and day out and i know we're getting a little off topic, but i think it's important to understand how the markets work electrically like how we used to work. we would invest billions into technology. >> right. >> those systems are expensive and government rules associated with what you have to do on redundancies expensive. i'm sure my friends at cantor know this. this is a very expensive propositi
Search Results 0 to 3 of about 4